California FTB Releases Tax Schedule QS, Qualified Subchapter S Subsidiary (QSub) Information

The California Franchise Tax Board (FTB) Dec. 1 released Schedule QS, Qualified Subchapter S Subsidiary (QSub) Information, for corporate income and individual income tax purposes. A QSub is subject to an annual tax of $800, which is paid by the parent S corporation. The parent S corporation must complete Schedule QS and attach it to the Form 100S, California S Corporation Franchise or Income Tax Return, for each taxable year in which a QSub election is in effect. The schedule notifies the FTB that the QSub’s items of income, deduction, and credit will be included in the parent’s return and ...